According to CoreLogic, median rents in the Tasmanian capital went down by 2.3% over the quarter to $454, close to the record-high decline in September 2012 when rents fell due to the weak economic growth and an uptick in unemployment.
Overall, national median rents went down by 0.5% over the quarter. Sydney recorded the most substantial decline next to Hobart at 1.3%. Capital cities have been bearing the brunt of the economic shocks arising from the COVID-19 outbreak. In fact, rents in state capitals declined by 0.7% in the quarter, compared to the 0.2% rise in rents across regional markets.
The report said several rental demand factors, which have been affected by the COVID-19 outbreak, have contributed to Hobart's rent decline.
For instance, the city's workforce has significant exposure in the accommodation, food, arts, and recreation sectors. In fact, 12.7% of Hobart workforce is in these sectors, higher than the average of 9% across other capital city regions.
| Area |
Property Type |
State |
Median Price |
Quarterly Growth |
12 month Growth |
Weekly Median Advertised Rent |
Gross Rental Yield |
| Country |
Houses |
TAS |
$345,000 |
2.5% |
9.2% |
$320 |
5.0% |
| Country |
Units |
TAS |
$288,000 |
0.8% |
1.9% |
$270 |
5.2% |
| Metro |
Houses |
TAS |
$498,500 |
0.0% |
7.5% |
$450 |
4.7% |
| Metro |
Units |
TAS |
$457,500 |
2.6% |
7.7% |
$395 |
5.1% |
Source: CoreLogic, August 2020
Top Suburbs :
coolbellup
,
penrith
,
gladesville
,
cardiff south
,
redcliffe